Alongside the cryptocurrency’s meteoric climb over the back half of 2020 and early 2021, a curious phenomenon has unfolded; heightened profit-taking and conversion to fiat currencies. Data collected by Simplex, a fiat-crypto gateway, underscores this seemingly paradoxical development. A Curious Race to Convert Crypto to Fiat Has Accompanied Bitcoin’s Latest Drive Higher Sharing exclusive data with Bitcoin.com, Simplex cofounder and chief analytics officer Netanel Kabala says: While the international press coverage of Bitcoin’s rally has caused a swathe of new users to flock to the industry and buy-in, outflows have been equally significant. Of the total amount of cryptocurrency sold in the last six months, 43% was off ramped in December alone. A quick look at Google Trends for the term ‘Bitcoin’ echoes these developments, especially now that new equity instruments like Grayscale Bitcoin Trust and big-name funds like Blackrock are adding exposure and raising crypto awareness
Official Bitcoin Latest News Blog 🗞️